Annual Report 2014

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Share information

  2014 2013 2012 2011 2010
Share capital          
Number of shares as of 31 December          
Registered shares 4 100 898 4 100 898 4 100 898 4 100 898 4 100 898
Thereof dividend-entitled 4 100 898 4 100 898 4 100 898 4 100 898 4 100 898
Number of registered shareholders 13 446 12 269 14 212 13 966 14 180
Share prices in CHF          
Registered share          
Highest (intraday) 738 648 451 574 579
Lowest (intraday) 495 363 302 261 261
Closing as of 31 December 629 628 368 321 528
Earnings/loss in CHF          
Per registered share 45 34 32 39 24
Price-earnings ratio 14 18 11 8 22
Market capitalization as of 31 December          
CHF million 2 579 2 573 1 509 1 316 2 163
In % of sales 68 68 41 36 63
In % of equity attributable to shareholders of Georg Fischer Ltd 244 275 161 112 200
Cash flow from operating activities in CHF          
Per registered share 61 76 56 61 59
Equity attributable to shareholders of Georg Fischer Ltd in CHF          
Per registered share 259 229 229 288 264
Dividend paid (proposed) in CHF million1 70 66 62 62 41
Dividend paid (proposed) in CHF          
Per registered share1 17 16 15 15 10
Pay-out ratio in % 38 47 47 38 42

1  In 2014 as a dividend of CHF 14.57 out of retained earnings and as a dividend of CHF 2.43 out of reserves from capital contributions. In 2013 as a par value reduction and as a dividend out of reserves from capital contributions. In 2012 and 2011 as a dividend out of reserves from capital contributions. In 2010 as a par value reduction.

The consolidated financial statements have been prepared in accordance with Swiss GAAP FER since the beginning of 2013. Prior-year figures have been adjusted accordingly.

Ticker symbols
Telekurs, Dow Jones (DJT): FI-N
Reuters: FGEZn

Security number: 175 230
ISIN: CH000175 230 9
Cedel / Euroclear Common Code: XS008592691

Share price 2010 - 2014

Light purple: GF daily closing (CHF) / Dark purple: SPI daily closing – rebasedLight purple: GF daily closing (CHF) / Dark purple: SPI daily closing – rebased

Market capitalization, earnings per share //

The market capitalization stood at CHF 2 579 million on 31 December 2014. Earnings per share was at CHF 45 (previous year: CHF 34).

Proposed distribution of dividends //

At the Annual Shareholders’ Meeting, the Board of Directors will propose a profit distribution of CHF 17 per registered share in the form of a dividend out of the retained earnings and the reserves from capital contributions. 

Significant shareholders //

Eleven disclosure notifications were published in the year under review: eight in relation to the BlackRock Group (see group structure as published on the SIX disclosure platform), held indirectly by Black- Rock Inc (USA), two in relation to LSV Asset Management, Chicago (USA), and one in relation to Norges Bank (the Central Bank of Norway), Oslo (Norway). 

As of 31 December 2014, no shareholder or shareholder group had voting rights in excess of 5%. The Norges Bank (the Central Bank of Norway), Oslo (Norway), LSV Asset Management, Chicago (USA), and the UBS Fund Management (Switzerland) AG, Basel (Switzerland), had voting rights between 3% and 5%.

Disclosure notifications pertaining to shareholdings in Georg Fischer Ltd that were filed with Georg Fischer Ltd and the SIX Swiss Exchange are published on the latter’s electronic publication platform. The notifications can be accessed via the following weblink to the database search page of the disclosure office:

Categories of shareholders as of 31 December 2014

Number of shares Number of shareholders
Number of shares %
1–100 11 312 9.2
101–1 000 1 918 12.4
1 001–10 000 191 10.6
10 001–100 000 21 13.0
> 100 000 4 15.1
Shares not registered in share register
39.7
Total 13 446 100.0

Five-year overview Corporation

CHF million 2014 2013 2012 2011 2010
Order intake 3 836 3 795 3 691 3 734 3 625
Orders on hand at year-end1 634 577 565 666 579
Income statement          
Sales 3 795 3 766 3 720 3 638 3 447
EBITDA 399 380 351 370 329
Operating result (EBIT) 274 251 222 235 180
Net profit/loss 195 145 138 168 108
Cash flow          
Cash flow from operating activities 248 309 230 250 243
Depreciation on tangible fixed assets 122 126 125 121 140
Amortization on intangible assets 3 3 4 14 9
Additions to property, plant, and equipment –152 –130 –132 –147 –124
Cash flow from acquisitions and divestitures –20 –66 –80    
Free cash flow before acquisitions/ divestitures 110 174 99 103 150
Free cash flow 90 108 19 103 150
Balance sheet          
Current assets 1 801 1 989 1 584 1 651 1 569
Non-current assets 1 188 1 137 1 080 1 274 1 269
Assets 2 989 3 126 2 664 2 925  2 838
Current liabilities 981 1 282 839 904 836
Non-current liabilities 904 866 846 798 878
Equity 1 104 978 979 1 223 1 124
Invested capital (IC) 1 354 1 224 1 217 1 476 1 418
Net debt 354 352 334 294 321
Asset structure          
– Current assets % 60 64 59 56 55
– Non-current assets % 40 36 41 44 45
Capital structure          
– Current liabilities % 33 41 31 31 29
– Non-current liabilities % 30 28 32 27 31
– Equity % 37 31 37 42 40
Key figures          
Return on equity (ROE) % 18.7 14.8 14.2 14.0 9.5
Return on invested capital (ROIC) % 17.9 16.7 15.7 13.3 9.1
Return on sales (EBIT margin) % 7.2 6.7 6.0 6.5 5.2
Asset turnover 2.9 3.0 3.2 2.5 2.3
Cash flow from operating activities in % of sales 6.5 8.2 6.2 7.0 7.0
Employees          
Employees at year-end 14 140 14 066 13 412 13 606 12 908
Europe 8 676 8 548 8 871 9 465 9 196
– Thereof Germany 3 383 3 220 3 351 3 859 3 754
– Thereof Switzerland 2 686 2 539 2 577 2 650 2 521
– Thereof Austria 1 719 1 926 2 059 2 073 2 075
– Thereof Rest of Europe 888 863 884 883 846
Asia 3 455 3 468 3 226 3 077 2 721
– Thereof China 3 085 3 073 2 839 2 688 2 374
Americas 1 259 1 290 1 259 1 011 934
Rest of world 750 760 56 53 57

1 In 2012 change of definition for GF Piping Systems.

The consolidated financial statements have been prepared in accordance with Swiss GAAP FER since the beginning of 2013.

Prior-year figures have been adjusted accordingly. The years 2010–2011 are represented according to IFRS.

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